Photo: Panama Canal Authority
PANAMA CITY (Reuters) – A dispute resolution board dismissed a $100 million complaint for cost overruns by the consortium that built the third set of Panama Canal locks, part of a $5.4 billion expansion completed in June, the waterway authority said on Friday.
The Panama Canal Authority said in a statement that the board rejected a complaint last month asking the authority to cover cost overruns by Grupo Unidos Por el Canal (GUPC), a consortium led by Spain’s Sacyr and Italy’s Impregilo .
The board is comprised of members of the Panama Canal Authority and the consortium.
The complaint was presented by the consortium for “unforeseeable physical conditions” which it said contributed to more than $3.5 billion in cost overruns.
The consortium will likely appeal the decision with an international court of arbitration in Miami.
A representative of GUPC in Panama could not be immediately reached for comment. (Reporting by Elida Moreno; Writing by Natalie Schachar; editing by Grant McCool)
(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,925 members that receive our newsletter.
Have a news tip? Let us know.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,925 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
